Nigeria in 1min: Economic, Business and Financial Headlines – 060318

Money Market: The Folk Road - Over the years, series of culminated events have triggered an asset rotation which favoured fixed instrument thus leading to a catapult in outstanding treasury bills from N5.36 trillion in January 2016 to N10.39 trillion in December 2017. Source Proshare Read More

Inflation Rate to Drop and PMI Falls Further - FSDH Research expects the inflation rate (year-on-year) to drop to 14.31% in February 2018 from 15.13% recorded in the month of January 2018. Source Proshare Read More

Foreign Reserves Rise By 4% In February To $42.4bn - The 30-day moving average of Nigeria’s foreign external reserves in the month of February accrued by $159.8 million or 3.9 per cent rising to $42.35 billion as at March 5, 2018 according to latest data on the website of the Central bank of Nigeria (CBN). Source Leadership Read More

Tax: FG Probes Property Owners In Banana Island, Lekki, Asokoro - The Federal Government on Monday extended its probe of suspected tax evaders with properties in highbrow areas of Lagos and Abuja. Source Leadership Read More

We’ve informed Buhari of new draft revenue formula – RMAFC - The Revenue Mobilisation Allocation and Fiscal Commission on Monday came close to confirming The PUNCH’s exclusive report that the Federal Government under two Presidents had frustrated the nation from getting the much sought-after new revenue formula. Source Punch Read More

FG to complete Benin airport upgrade in 12 months - The Federal Government has said that it will soon commence the upgrade of the Benin airport in Edo State to enable the facility to provide services to meet international standards. Source Punch Read More

‘Nigeria’s rising population worrisome affecting economic well-being of citizens’ - Inability of the nation to check its population growth rate alongside its GDP may be fuelling key economic concerns that borders on the economic and social well-being of the Nigerian people, members of the Organised Private Sector have said. Source Guardian Read More

NSEASI Closes Above 43,000 Psychological Line; Firms Up Further by 1.49% - Equities market closed today on a positive note, as NSEASI appreciated by +1.49% to close at 43,513.93 basis points as against +0.08% appreciation recorded previously. Source Proshare Read More

An Investment Opportunity in the March 2018 FGN Savings Bond - We are pleased to present to you an investment opportunity in the Federal Government of Nigeria Savings Bond (FGNSB). Source Proshare Read More

Guinness Nigeria Plc - We Remain Underweight - On our estimate, the stock is trading at 2018F P/E (35.2x) and EV/EBITDA (10.1x) multiples that are at premium to both the company’s 5-year (11% and 3% respectively) and Middle East and Africa (73% and 9% respectively) F12-M peer averages. Source Proshare Read More

Tighter System Liquidity Expected to Bolster Yields - Last week, the Treasury Bills ("T-bills") secondary market sustained its bullish performance for the second consecutive week on the back of improved system liquidity and buying interests across tenors. Consequently, rates declined 4bps W-o-W to close at 14.0% on Friday. Source Proshare Read More

T-bill Yields Stay Flat as CBN resumes OMO - The bond market maintained its flattish trend in today’s session with continued buy interests on the long end (2037s) offset by some sell on the 2026 bond. Source Proshare Read More

How Much Crude Oil Can Nigeria Produce in 2018? - Stronger oil prices since the start of 2017 have been enabled by the joint output agreement between the Organization of Petroleum Exporting exempted from the deal during its first year as the country recuperated its oil production. Source Proshare Read More

FG Approves N650bn Subsidy Payment For Oil Marketers - There are indications that the federal government has finally approved the payment of outstanding N650 billion subsidy payment owed members of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN). Source Leadership Read More

Crude oil production cost crashes to $20 per barrel - The Nigerian National Petroleum Corporation (NNPC) says it has crashed the cost of crude oil production to $20 per barrel from $32, representing a 40 percent decrease Source THE SUN Read More

NNPC: Border Smugglers Hindering Nigerians from Enjoying Cheap Petrol - The Nigerian National Petroleum Corporation (NNPC) has stated that Nigerians are being denied the benefits of the government’s insistence on keeping the pump price of petrol at N145 per litres across service stations in country by the unwholesome activities of cross border smugglers of petroleum products. Source Thisday Read More

PowerChina President, Kogi Gov Partner Over 3000mw Implementation - President of PowerChina International Group Limited, Song Dongsheng, visited Kogi governor, Alhaji Yahaya Bello, at his private residence in Abuja, yesterday, to discuss ways of fast tracking the implementation of the signed 3000MW Memorandum of Understanding (MoU) during the recently held Kogi Economic and Investment Summit. Source Leadership Read More

PROSHARE BUSINESS

Kingsley Moghalu and How to Elect Nigerians’ Darling President - Quite necessarily, we Nigerians now have a bright idea of the ideal next president for the country. We have been advised by the very recognisable fundamental inadequacies of those who have led the country since 1999. Source Proshare Read More

#Election2019: Abubakar Bukola Saraki's Profile - Dr Abubakar Bukola Saraki(December 19, 1962) is a Senator representing Kwara Central Senatorial District and is arguably one of the most influential politicians in the fourth republic. Source Proshare Read More

Some Space for Lending Growth Ahead - Our chart today shows the trend in net domestic credit extension on a q/q basis over the past two years. These are the claims of the monetary system (the CBN and the banks combined) on both the FGN and the private sector, which includes the state governments. Source Proshare Read More

How To Evaluate Information Provided By A Whistleblower - Almost all whistleblowing reports are evaluated quickly due to the urgency of the matter. However, if an evaluation is completed without taking fundamental steps or necessary planning. Source Proshare Read More

Libya's Biggest Oil Field Sharara Resumes Production - Libya’s biggest oil field began pumping again after the reopening of a pipeline to a refinery on the coast. Source Bloomberg Read More

Saudis Cut Asia Light Oil Pricing for First Time in Eight Months - Saudi Arabia cut pricing for Arab Light crude to Asia for the first time in eight months, a sign that the world’s largest oil exporter is fighting harder for sales in its biggest market. Source Bloomberg Read More

Egypt Bourse Expects Up to Seven IPOs This Year, Most Since 2011 - The Egyptian stock exchange is expecting as many as seven initial public offerings this year, starting as soon as this month, which would be the highest number of share sales since the 2011 uprising that ousted President Hosni Mubarak. Source Bloomberg Read More

National Bank Kenya Considering Branch Closures to Cut Costs - National Bank of Kenya Ltd., which has the biggest bad-loan book in the Kenyan banking industry, is considering closing some of its 85 branches to cut costs, Chief Executive Officer Wilfred Musau said. Source Bloomberg Read More

Buhari Grapples With Widening Crises as Nigerian Vote Looms - Islamist militant attacks, gasoline shortages, worsening violence over grazing land, simmering unrest in the southeast -- the crises keep mounting for Nigerian President Muhammadu Buhari less than a year before general elections. Source Bloomberg Read More

Dangote Builds and Donates 1st Ever N1.2bn Ultra-modern Business School To Bayero University, Kano - The business educational development of Northern Nigeria took a new turn at the weekend when the renowned businessman, Aliko DANGOTE donated a N1.2 billion ultra-modern business school edifice to the Bayero University, Kano, (BUK), first of such in the northern part of the country. Source Proshare Read More

Incoming FCA Chair Admits Using Tax Avoidance Scheme - The next chair of the UK’s Financial Conduct Authority said he made an “error in judgement” when he used a tax avoidance film scheme promoted by Ingenious, a firm that has lost several court battles against HM Revenue & Customs. Source Proshare Read More

PROSHARE TECHNOLOGY

Technology and Innovation Support Centre Inaugurated - On January 29 2018 the National Institute of Industrial Property (INAPI) inaugurated its technology and innovation support centre, which was backed by the World Intellectual Property Organisation (WIPO). Source Proshare Read More

Bank of England Governor Calls For Regulation To End Crypto Anarchy - The Bank of England governor said Friday the “time has come to hold the crypto-asset ecosystem to the same standards as the rest of the financial system.” Source Proshare Read More

Nollytainment, set to revolutionize Nigeria’s Movie Industry through Nollycoin - The prospects for the development of a value-driven Nigeria movie industry received a boost with the launch of “Nollytaiment” which is a blockchain technology designed to power a new movie entertainment ecosystem. Source Proshare Read More

New Malaysian Cryptocurrency Regulation Come Into Effect - Last week, Malaysia’s new Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policy guidelines specifically addressing cryptocurrencies came into effect. The new regulations compel Malaysian virtual currency exchanges to mandate KYC adherence, including the collection of ID documentation. Source Proshare Read More

World Bank spends $6m on Nigeria’s tech devt –Osinbajo - The Federal Government, yesterday, said that the World Bank has approved additional financing of $3 million to stimulate global competiveness of raw materials for a diversified Nigerian economy. Source THE SUN Read More

Smile Holdings Raises Concern over Sale of 9mobile, Calls for Review - The reserve bidder in the sale of 9mobile, Smile Telecoms Holdings, has raised concern over some perceived anomalies in the handling of the sale of 9mobile by Barclays Africa, and has called for a review of the entire bid process. Source Thisday Read More